AAV: expects improvement in revenue & passenger load factor next year as tourism starts to pick up, will returned 5 aircraft at end of year, shrink fleet size to 53 aircraft, sufficient for service till eo-FY23.

Comment: They’re not expecting any mass chinese tourism.

AH: upbeat 4Q earnings from recognition of chassis orders for VinFast EV, first lots delivered late-Oct, contract last thru eo-FY24, maintains 30% FY22 revenue growth target.

Comment: Will Vinfast actually be able to pay?

AOT: reported net loss Bt 11.08b for FY22 operation (eo-September) vs Bt 10.03b estimation.

Comment: Now the King power rental discount is gone.

BKV Corp, a US unit of BANPU, will issue new share in the IPO and list on NYSE. BANPU will remain major holder post IPO, while BKV will use proceeds to repay $75m loan and to fund expansion of its carbon capture, utilization, and sequestration business.

Comment: Needed in order to deleverage the entity and payback for the investment made…

JWD: awards GSDP certificate (Good Storage & distribution practice) provided by WHO, will apply for ISO 23412 certificate (Indirect, temperature-control refrigerated delivery service) next year, mulls tap in pharma & med supplies logistic.

Comment: They are going from strength to strength.

AMLO freezes sales proceed of MORE worth Bt5.3b via 15 brokers, while SET reaffirms that capital ratio of all brokers are in good shape.

Comment: I’ve had some interactions with the MORE owner, surprised it took this long for him to get caught…

VGI: sets Bt 200m to expand digital display along BTS yellow & pink line to capture demand for OOH media on reopening, increase adv spending on high season, maintains Bt 6.5b FY revenue target, EBITDA margin >20%.

Comment: And this could be one of the easier turnaround plays.

WICE: on track to submit IPO filing to list cross border logistic subsidiary, Euroasia Total Logistic (ETC), on MAI in Dec, expects to debut within 2Q23, mulls expand road-rail trans to Malaysia & China, target 15-20% CAGR over next 3 years.

Comment: Investors still don’t understand how important and well Thailand is going to benefit from the logistics expansion throughout the country.